The daily herald. [volume] (Honolulu, Hawaiian Islands) 1886-1887, 1887-01-01
INSURANCE.
To the Editor cfkhe Heyald'

a '"e EHbOI " be fIe/UfH
There appears to be great deal Of
dissatisfaction among many of our bust
ness men and others who are obliged
to procure assurances on their prop
erty, at the increased rates charged on
property by the different foreign com
panies represented here at the Islands.
These foreign companies have formed
a combination and have in many in
stances increased the rates from IS per
cent to 100 per cent and even higher.
Ever since have been a resident Of
these Islands-nearly thirty years now
"a large fire was predicted in the
vicinity of Nuuanu street, and dur
ing all these years the although
higher than in other cites-were upon
the whole satisfactory. The great fire
which had been SO long looked for came
in April last and wiped out most of the
old buildings, which had for so
many years been an element Of danger
to the business part Of the city. Since
April last the "burnt district" has been
very largely rebuilt of brick, and conse-
qrently the risk has been greatly dim
inished, while by the influence of an
entire stranger and one or two Of our
local agents the rates have been so in
creased as to become burden to those
who have property to insure. 1t GER
tainly has the appearance Of forcing our
citizens to pay back to those foreign
companies the losses sustained by them
in the fire of April last 1t is surpris-
ing that our lycal agents submitted to
this increase.
The rates Of insurance paid here are
largely in excess of the rates charged in
the United States. am the owner Of
a house in Newton, Mass. 1t is a
wooden building, three stories high,
standing alone as our private residences
do here, and the rate paid by me in a
sound company in Massachusetts, is ID
of per cent for five years. Mr.. E. p.
Adams, well-knowu as an old resident
Of the Islands, wrote me in May last OF
his intention to purchase house in
Falmouth street, Boston, probably a
brick house IN block Of ten or twelve
houses. He says in regard to insur-
ances, "The fire insurance is Il per
cent for four years"
1t should be remembered that the
risk from fire is very much greater in
cold climates, where furnaces and open
CRATES for heating purposes are in use
for at least eight months in the year
and kitchens are in the main house;
while in this country no fires are neces-
sary for heating purposes, and cook
houses in most instances are detached
one story structures. Then again the
present law forbids the use of inham-
niable low test burning oils. 1t should
also be borne in mind that tradition
to our other advantages we have a
good steam fire engine service, which
is great improvement over the ole
hand fire engines in use when lower
premiums prevailed, and in our three
principal business streets-Queen, Mer
chant and Klng-the supply Of waite
from our harbor is available and neve
falling, and as our harbor is neve
frozen over, as is the case in cole
climates, our facilities are superior il
that respect.
In view Of all these facts is it not th'
part of wisdom to make an effort fo
a reduction in ates-perhaps still
better form a local insurance company
and thus prevent the large sums nov
going out Of this country to enrich for
eign companies We have the capita
here in this city, and capable men t
manage a company should one b'
organized. p. c. JONES.